Mumbai: Nawaz Modi Singhania, Raymond’s non-executive director and spouse of chairman Gautam Singhania, has stepped down from her position, the company announced Wednesday, concluding her 11-year tenure on the board.
In her letter to the board dated February 27, Nawaz, 56, wrote, “Due to personal reasons, I tender my resignation as a director of Raymond with immediate effect.” The company said her resignation was effective from March 19.
In response to her resignation, Singhania, 59, expressed gratitude to Nawaz for her years of service as a board member. Though she has relinquished her directorial role, she continues to be classified under Raymond’s promoter category, holding 2,550 shares worth Rs 36 lakhs, based on the stock’s closing price of Rs 1,416 apiece on the BSE on Wednesday.
In April 2024, Nawaz was removed from three Raymond Group companies boards: JK Investors (Bombay), Smart Advisory and Finserve, and Raymond Consumer Care. According to Nawaz, Singhania initiated a shareholder meeting for her removal, citing a loss of confidence.
In 2023, Nawaz had alleged physical assault by Singhania, after which he announced their separation. However, sources close to them indicate a reconciliation, with Nawaz now residing at JK House in south Mumbai with Singhania. The couple recently holidayed in Europe with their children. An industry observer raised questions about Nawaz’s board resignation despite the apparent reconciliation.